Parador Properties, the UK`s leading independent overseas property sales company, has chosen Cyprus Airways for its property familiarisation trips to the Mediterranean island….
Parador Properties, the UK`s leading independent overseas property sales company, has chosen Cyprus Airways for its property familiarisation trips to the Mediterranean island.
The agreement marks the entry of Parador into the Cypriot real estate market.Parador, which recently opened a regional office in Dubai, is the UK`s leading Spanish real estate agent. Cyprus is its second overseas destination.
“Cyprus has always been a popular destination with Gulf expatriates and has an ever increasing international appeal. Many people are now looking to purchase property for investment, for holiday homes or thinking further ahead, to retire there. Parador hopes to meet this demand with a professional, personal service which will carefully assess our clients` needs and to guide and advise them throughout the process of purchasing an overseas property,” said Tim Landseer-Brooks, General Manager-UAE, Parador Properties.
Parador Properties has now opened an office in Paphos, Cyprus and has become a member of the Cyprus Chamber of Commerce.
Under the tie-up with Cyprus Airways, prospective buyers will be flown to Cyprus from Dubai or the UK on comprehensive fact finding tours, not only to view properties, but also to experience Cyprus.
“These familiarisation trips will include flights, accommodation and meals,” said Landseer-Brooks.
Cyprus Airways currently flies to Larnaca International from Dubai every Thursday and Sunday. From November 18th, the airline, which operates to eight Middle East destinations, will add two more Dubai-Larnaca flights a week on Wednesdays and mid-night Saturdays. Cyprus Airways uses modern A320 and A319 aircraft on the route, which have a flight time of around three hours.
“The link with Parador Properties will assist us in improving our passenger loads and building loyalty with a prime target audience – those who want to live and invest in Cyprus,” said Cyprus Airways Middle East & Gulf chief, Stavros Kyprianou.
Parador`s new 54-page brochure on Cypriot properties features a wide range of freehold apartments, town houses and villas in a variety of locations, including the harbour-side village of Latchi, the historic town of Polis, Coral Bay and Paphos, the village of Tsada and Secret Valley, both of which have 18-hole golf courses. Prices range from GB £52,000 for a studio apartment in Paphos, to GB £365,000 for a four bedroomed villa village near Polis.
“These are companies with whom we have forged strong relationships, but from whom we are completely independent. This means we can show prospective buyers the best properties on the island and not just from one single developer – this assures them of the widest possible choice and highest quality.”
Parador believes the low cost of living in Cyprus combined with its double-taxation treaty with the UK, are key factors in attracting investors and residents to the island.
“Quite simply, your money goes further in Cyprus,” said Landseer-Brooks. “The standard of living on the island is high while the cost of enjoying it is amazingly low compared to most parts of the continent.
“The Cypriot economy enjoys a comparatively low level of taxation. Many investors will be keen to note that Cyprus has a unique tax system that includes, for example, a double taxation treaty with the UK meaning that pensions can be received free of UK taxation.
“The total tax liability on many overseas residents of Cyprus can be as little as 3%. Foreign residents living in Cyprus pay income tax at a flat rate of only 5% above the CY£2,000 tax free threshold. Other major benefits are that real estate is excluded from VAT in Cyprus and inheritance tax has been abolished on the island, tremendous news indeed for long term financial planning.”
Cyprus becomes a full member of the European Union on May 1st 2004 and is working towards adopting the Euro in 2008.
“Cypriot economic performance has been good of recent years,”> said Landseer-Brooks. “Inflation is under 3% and economic growth exceeds that, at around 4%.”
Parador says it will offer a one-stop service for purchasers with assistance in obtaining a mortgage, to the appointment of English-speaking lawyers, removal firms, furniture buying and property maintenance.
“Whilst we do not offer a rental service, we have close links with bona fide agents on the island who can undertake this service,” said Landseer-Brooks.
In Dubai, Parador Properties is based in Khalid Al Attar Tower on Sheikh Zayed Road in Dubai.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
